NEW SURPLUS POLICY
Definition
Tangible assets belonging to the University which are no longer needed are Surplus Property.
The Associate Vice President for Campus Operations and Business Services has the primary
responsibility for disposing of surplus property.
Accounting Policy
All proceeds from the sale of surplus property are recorded in General University Funds
accounts, regardless of what budget was charged with the purchase of the asset, who physically
consummated the sale, or whether the surplus property was transferred to the Warehouse.
Trade-in Surplus Allowance
When a budget manager gets approval from his/her Major Area Budget Manager to use a
designated surplus item as a trade-in allowance for the purchase of a new item in a similar
category. All such transactions shall be conducted in accordance with University Purchasing
protocol.
Surplus Asset Reassignment
The Warehouse shall have the primary responsibility to identify and retain any surplus property
that has reusable value to the University. Such items are stored and maintained by the
Warehouse for University reassignment. The Warehouse also has the responsibility of
consummating the sale of surplus property. University departments are encouraged to contact
the Warehouse for such surplus activities.
Disposal of Bulky Surplus Property
The Warehouse shall continue to handle the disposal of general surplus property at no charge to
the requesting departments. Any other bulky surplus disposals, which require the assistance of
outside vendors, shall be considered a chargeable surplus. The requesting department shall be
responsible for any external vendor’s expenses.
Sale of Surplus Materials
When surplus items are no longer of any use to the University, they are identified for disposal and either sold or discarded, depending
upon the potential for return value to the University. Items identified for surplus sale, through Warehouse Services, are first made
available to the University Community and then made available to the public
On occasion, supporting groups of the University (i.e. Associated Women for Pepperdine, Alumni, Student Organizations) will
conduct the sale and transfer the proceeds to the University.
All sale transactions of University Surplus materials are “as is” and final, there is no warranty, either in writing or implied. There are
no exchanges or refunds! Please beware!